SmartRent acquires SightPlan, a leading SaaS provider of property operations solutions
SmartRent, Inc. (NYSE: SMRT) (“SmartRent” or the “Company”), a leading provider of smart home automation and smart building automation for residents, owners, managers, developers and homebuilders, today announced the acquisition of SightPlan, Inc. (“SightPlan”), a leader in multifamily workflow management. The acquisition advances SmartRent’s product roadmap and increases the breadth of cloud-based SaaS solutions for current and potential customers, creating a comprehensive property and resident management platform.
“We are delighted to integrate SightPlan into the SmartRent platform; the alignment of our open-API solutions creates a powerful combination for property operators,” said Lucas Haldeman, CEO of SmartRent. “Our organizations share similar values and have a deep passion for helping people live easier and better lives. The combination of our highly complementary product offerings enables us to deliver enhanced experiences for residents, owners and managers, and increases our competitive advantage. We know the SightPlan team well and are delighted to welcome them to the SmartRent family.
SightPlan, founded in 2013, is a growing and differentiated vertical SaaS provider. It is an innovative end-to-end, top-down property operations platform that automates communications, resident engagement, field services and maintenance workflow, inspections , due diligence and audit management for property owners and operators. These solutions allow customers to:
- Increase net operating income through improved efficiency and reduced costs.
- Streamline communication and processes.
- Improve regulatory compliance.
- Maintain and preserve on-site assets in communities.
SightPlan targets a large addressable market by providing modern, easy-to-use software for property operators and managers. Technology solves common problems and enables customers to do more with greater efficiency. SightPlan replaces the manual processes, time-consuming spreadsheets, point solutions, and closed property management systems associated with community and portfolio workflow operations.
SightPlan provides solution services to over 160 property owners and managers. The company’s offerings are used in nearly 6,000 properties nationwide, including the communities of four of the five largest landlords on the National Multifamily Housing Council’s (NMHC) 2021 Top Landlords list, and more than half of those on the NMHC’s Top Managers list. Like SmartRent, SightPlan is led by an experienced team of technology and real estate leaders.
- Improves overall platform offering and customer value proposition – The combination of SightPlan’s and SmartRent’s solutions provides a comprehensive, one-stop-shop platform that expands SmartRent’s support for real estate operations and promotes the integration of smart technology, enhancing the experience for residents, owners and managers. Both companies offer an open API architecture that enables a myriad of third-party partner integrations, resulting in a feature-rich platform that improves property management workflow efficiency and empowers teams to do more, while improving residents’ interactions and life experiences.
- History of strong growth and improved financial performance – SightPlan has a proven track record of successful SaaS revenue growth through its Land and Expand model and ability to win new customers. It has grown its SaaS revenue at a compound annual growth rate of around 60% since 2018. SightPlan has over 100% net retention, proving its ability to grow with existing customers. This retention is cultivated by SightPlan’s focus on innovation and its proven track record of developing and implementing product offerings and solutions that continue to meet the ever-changing needs of the real estate industry.
- Potential for expansion of the available market served (“SAM”), as well as the ability to cross-sell between SmartRent and SightPlan customers – SightPlan’s primary market is made up of multi-family rental communities, including conventional, affordable, and privatized military and student housing. Its tools are adaptable to real estate vertical markets, including manufactured homes, condominiums, HOAs, single-family rentals, build-to-let communities, and commercial applications, creating additional growth opportunities. SightPlan’s adaptability across real estate asset classes is aligned with the inherent flexibility of the SmartRent platform, expanding the SAM for the combined company’s software platform.
- Attractive business model – SightPlan currently offers five standalone monthly SaaS product subscriptions – which can be grouped into three suites – plus optional add-on features, all designed to meet all customer needs:
- The ‘Operations’ suite includes SightPlan’s ‘Response’, personalized call automation that ensures no call is missed; ‘Engage’, a resident engagement and interaction experience through a user-friendly app and portal for residents, and ‘Work’, its intuitive property operations solution.
- The “Experience” suite includes the aforementioned “Answer” and “Engage” solutions.
- Due Diligence Suite offers ‘Inspect’, an automated property inspection product and ‘Audit’, an automated community records management product supporting property accounting and compliance functions throughout the process acquisition.
“We have had a strong working relationship with the SmartRent team for years and have tremendous respect for all they have accomplished as a leader in the enterprise real estate technology industry,” said Terry Danner, CEO of SightPlan. “When we looked at the value that the combination of our teams, innovations and strategies would bring to the real estate industry as a whole, it became a must. We are excited for all that we will be able to accomplish as a team.
“Together, we have the opportunity to increase the positive impact we have in enterprise real estate technology,” said Joseph Westlake, Founder and President of SightPlan. “The combination of our solutions further strengthens our ability to improve the lives of residents, owners, operators, managers, developers and home builders.”
SmartRent acquired 100% of SightPlan’s equity interests on March 22, 2022, for approximately $135 million in an all-cash transaction. The SightPlan team will join SmartRent as employees, and SightPlan will continue to manage its operations from its office in Orlando, Florida.
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